Court OK’s continued freeze on Pang’s assets
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LOS ANGELES - A federal judge has granted the Securities and Exchange Commission’s request to continue freezing the assets of a California financier charged in a fraud case involving hundreds of millions of dollars.
US District Judge Philip S. Gutierrez ruled Thursday there was sufficient evidence of fraud to justify the continued freeze of Danny Pang’s assets. He also appointed Robert P. Mosier as a permanent receiver in charge of Pang’s companies.
Pang’s spokesman Roger Diamond said they were disappointed with the court’s rulings. “Mr. Pang looks forward to demonstrating that he did nothing wrong,’’ he said.
Pang is accused of bilking investors in his Private Equity Management Group companies by falsely portraying returns as coming from investments in timeshare real estate and life insurance policies of seniors. His attorneys have denied any wrongdoing.
